2008-2009 MONTHLY SALES COMPARISON

The chart below displays a thirteen month running average of residential home sales in Lake County from March 2008 to March 2009. The average monthly number of sales for this thirteen month period is 60.46 per month. Actual sales for each month are measured against that average.

The total number of residential sales for January 2009 rose 13.1% from 2008, February 2009 sales rose 28.8% over 2008, and March 2009 sales rose 48.6% over 2008. 

The average price paid for a home in January 2008 was $239,253 while in January 2009 it was $178,814 which is a 25.3% decline. The average price of a home sold in February 2008 was $274,853 while in February 2009 it was $160,579 which is a 41.6% drop. In March 2008 the average price of a home sold was $230,564, in 2009 it was $182,356, a decline of 20.9%.   

The purpose of this chart is to measure the pace of sales over time so we can see whether the market is slower than average or accelerating. When sales begin to consistantly rise above the average it could be an indication that home prices will soon firm and begin to rise. If sales fall below the average, prices will tend to remain soft. 

I will update this chart each month in 2009 from now on in order to keep you up to date on the Lake County real estate market. I hope you find it useful.

There is a 14.42 month supply of residential property currently for sale in Lake County. 

That number is based on the total number of residential listings currently on the market divided by the average number of sales per month from the chart above. I will update this home supply number each month as it is another useful indicator of market trends. If the monthly supply of homes for sale drops over time then prices should begin to firm due to the shift in supply and demand.

For more information, please call or email me anytime.